The Irish Rugby Football Union announced a budget deficit of €2.8M ($3.2M), down from the forecast of €4.7M ($5.4M), "after improved on-field performances saw a boost in finances," according to the IRISH INDEPENDENT. This is the first time that the IRFU recorded a deficit since '07-08, but in a statement it said that it anticipates a return to a "breakeven situation" no later than '18-19. The IRFU forecast a budget deficit of €4.7M "to address the immediate funding difficulties facing all four provinces due to player cost inflation and the need to continue investment in the grassroots game and player development." IRFU Honorary Treasurer Tom Grace said, "The Union and Provinces had a good year off the field and this has fed into the Union's financial result for the year with the €2.8M deficit being some €1.9M ($2.2M) better than budgeted" (IRISH INDEPENDENT, 7/14).